Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. In macroeconomics, ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. General equilibrium theory, or Walrasian ...

Competitive equilibrium and auction theory together form a vital framework for understanding market efficiency and the strategic allocation of resources. Competitive equilibrium denotes a state where ...

We are in the midst of the worst financial crisis since the 1930s. The salient feature of the crisis is that it was not caused by some external shock like OPEC raising the price of oil. It was ...

Merton, Robert C. "On Market Timing and Investment Performance Part I: An Equilibrium Theory of Value for Market Forecasts." Journal of Business 54, no. 3 (July 1981): 363–406.

In a model with a nonatomic continuum of traders some of which behave strategically while the others remain price-takers, the set of Cournot-Walras equilibria coincides with the set of Walras ...

Hugo Sonnenschein, the Adam Smith Distinguished Service Professor in Economics, has received an important international prize in recognition of his contributions to economic theory. Watch video ...